New 2019 Guidelines for Housing Needs Covenant Properties

Housing Nantucket, the non-profit that administers, among other things, the Nantucket Housing Needs Covenant Program, is celebrating 25 years this month. They have recently set the new guidelines for NHNC properties. The guidelines are adjusted annually based on a formula that considers long-term interest rates and median and average income for Nantucket county. The maximum re-sale price for a NHNC property is now $775,973. To qualify for the program, the household income must be at, or below: $172,350 per year and the buyer(s) must have unrestricted assets less than $387,990. At the inception of the program in 2003 the maximum sales price was $406,162. There are over 80 NHNC properties on Nantucket now, housing many folks who are long-time islanders and part of our community.